The Industrial Vehicles Market Size is experiencing a period of significant expansion, driven by a confluence of factors. Rising prominence of e-commerce, heightened safety concerns in industrial settings, and a growing emphasis on rental and leasing models are all contributing to this upward trajectory.
The Industrial Vehicles Market, valued at USD 41.02 billion in 2023, is expected to reach USD 56.23 billion by 2031. This translates to a compound annual growth rate (CAGR) of 4.02% for the forecast period from 2024 to 2031.
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The Surging E-Commerce Industry Is A Primary Driver Of Growth In The Industrial Vehicles Market
With online retail flourishing, the need for efficient material handling solutions within warehouses and distribution centers has become paramount. This necessitates the deployment of industrial vehicles like forklifts and automated guided vehicles (AGVs) to optimize operations. Additionally, a growing focus on workplace safety is prompting the adoption of industrial vehicles, minimizing accidents and enhancing productivity in industrial environments.
Top Key Players of Industrial Vehicles Market
- Robert Bosch Automotive Steering GmbH
- Hyundai Mobis Co.Ltd.
- Electric Steering JTEKT Corporation
- ZF TRW Automotive Holdings Corp.
- NSK Ltd.
- Nexteer Automotive Group Limited
- Mando Corporation
- ThyssenKrupp Ag
- Showa Corporation
- China Automotive System
In March 2024, “EP Equipment (China) announced a significant sale of its EFL electric forklift series to Boendgen Baustoffe (Germany), signifying a growing adoption of electric industrial vehicles in Europe”.
In January 2024, “Hyster-Yale Materials Handling, Inc. (US) unveiled the J32-40UTTL Li-Ion forklift truck, a new electric vehicle with a load-carrying capacity of 1.4 to 1.8 tons. This launch reflects the ongoing advancements in electric forklift technology”.
The e-commerce sector is witnessing remarkable growth, fueled by the widespread adoption of smartphones and internet connectivity. Leading players like Amazon and eBay are at the forefront of this expansion, offering unparalleled convenience and choice to consumers. Factors such as easy purchasing experiences, diverse product offerings, and flexible return policies are enticing customers to shift towards online shopping, leading to a surge in Business-to-Consumer (B2C) and Business-to-Business (B2B) transactions across various industries. This rise in online commerce necessitates more warehousing facilities to store and distribute purchased goods, consequently propelling the growth of the warehousing sector. As e-commerce businesses strive to optimize their supply chain networks and enhance operational efficiency, the demand for industrial vehicles used in logistics and transportation operations is expected to soar. Notably, Amazon dominates the warehouse segment, boasting over 1,500 warehouses across key regions. This expansive network underscores the crucial role of industrial vehicles in supporting the evolving dynamics of the e-commerce landscape.
Increasing Emphasis On Rental And Leasing Services
Leading players such as United Rentals (US) and Big Rentz (US) are at the forefront of this trend. The flexibility offered by rental and leasing options is particularly attractive when dealing with new projects requiring industrial vehicles at various locations for varying durations. Instead of incurring substantial upfront costs associated with vehicle purchases, businesses can opt for the cost-effective and agile solutions presented by rental or leasing arrangements. This preference is particularly evident when specialized equipment or short-term usage is required. Consequently, the growing inclination towards leasing and renting industrial vehicles is anticipated to persist, driven by the demand for flexibility and cost-efficiency in today’s dynamic industrial landscape.
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Market Segmentation
By Vehicle Type & Capacity:
- Forklifts
- Aisle Trucks
- Tow Tractors
- Container Handlers
- Automated Guided Vehicles
- Personnel Carriers
By Drive Type:
Internal Combustion Engine Industrial Vehicles
Battery-operated Industrial Vehicles
Gas-powered Industrial Vehicles
By Application:
- Manufacturing
- Warehousing
- Freight & Logistics
- Others
By Level of Autonomy:
- Non/Semi-autonomous
- Autonomous
By Vehicle Type:
Forklifts: This segment dominates the market due to their versatility in material handling applications across various industries.
Passenger Cars and Commercial Vehicles: While not the primary focus of the industrial vehicles market, these segments encompass specialized industrial utility vehicles used in specific applications.
Impact of Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has disrupted global supply chains, impacting the availability of raw materials and components crucial for industrial vehicle production. Additionally, economic sanctions imposed on Russia have restricted trade with a key market for industrial vehicles. The war’s long-term implications on the market remain to be seen, but the near-term disruption to supply chains and trade is undeniable.
Impact of Economic Slowdown
An economic slowdown can lead to reduced investment in infrastructure projects and industrial expansion, consequently impacting the demand for industrial vehicles. Businesses may delay or scale back purchases of new equipment in response to economic uncertainty. However, the long-term outlook for the industrial vehicles market remains positive, driven by the underlying growth of e-commerce and the increasing adoption of automation in industrial settings.
The Asia Pacific Region Is Projected To Be The Fastest-Growing Market For Industrial Vehicles By 2031
The presence of leading industrial vehicle producers like China, Japan, and India. Rapidly developing economies within the region, particularly China and India, fueling a rise in industrial activity. Government incentives for industrial infrastructure development, creating a conducive environment for industrial vehicle adoption.
Rising labor costs, prompting businesses to automate material handling processes and invest in industrial vehicles. A growing population, increasing GDP, and rising disposable income, leading to higher demand for consumer goods and consequently, a need for efficient logistics solutions. Major industrial vehicle manufacturers are expanding their presence in the Asia Pacific region to capitalize on these growth prospects. This strategic focus
Key Takeaways for Industrial Vehicles Market Report Purchase
- Gain insights into how the booming e-commerce industry is driving demand for industrial vehicles in warehousing and logistics operations.
- Understand the growing focus on workplace safety and how industrial vehicles are contributing to enhanced safety standards and operational efficiency.
- Explore the rising preference for rental and leasing models in the industrial vehicle market, along with the factors influencing this shift.
- Discover the key factors propelling the Asia Pacific region’s dominance in the industrial vehicles market.
- Gain valuable insights into the potential disruptions caused by the Russia-Ukraine war and economic slowdowns on the industrial vehicles market.
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